A concise guide to Doctor Loans: the what, the why, and the how
A doctor loan, sometimes referred to as physician’s loan, can be availed by any practicing doctor in India working in their own clinic, or in a government or private hospital. Even doctors working as consultants may apply for a doctor loan. These loans are provided exclusively to doctors and may be used for any of the following.
- For purchase of vehicles and ambulances.
- Setting up a clinic, pathological and medical labs, drug stores, and pharmacies.
- For acquiring medical equipment
- Expanding and refining their existing infrastructure.
- To fund marketing and business trips.
Why is a Doctor Loan a Smarter Choice?
Doctor loans are designed specifically to meet the needs of medical practitioners. Medical infrastructure is quite expensive and usually requires a large amount of money. What makes a doctor loan in India special is the convenience of borrowing a large sum without the need for any guarantors or collateral.
For example, Bajaj Finserv provides Doctor Loans from INR 5 Lakh to INR 45 Lakhs, which is the highest unsecured ticket size offered by any online loan provider in the country. Along with a long loan tenor of up to 60 months, the doctor loan interest rate is also quite low, making these loans the obvious choice for any doctor planning to invest in their practice, and grow their career.
How Do You Avail a Doctor Loan?
If you’re a practicing doctor, you’ve already met half the eligibility criteria needed to apply for a doctor loan. Apart from this, you need to have a few years of experience to cover the basic requirements. Banks usually have an experience requirement of 3-8 years, depending on your qualification, either in a private practice or as a doctor in a hospital. Read More: Give your patients the best medical care
The documents you need are quite similar to availing a personal loan, like proof of age, proof of identity, and proof of residence/work. The additional documents that you need to secure a doctor loan include your educational qualification certificates and details of your IT returns.
Nowadays, if you’re planning on getting a physician’s loan, you don’t even need to go all the way to a bank. Companies like Bajaj Finserv allow you to apply for a Doctor Loan from the comfort of your home or clinic. You just fill up a simple online application form, and your doctor loan can get processed, approved, and even disbursed, all in a matter of minutes.